EUR/USD Pair Is Now Consolidating Gains From The 1.2070 High

Technical analysis of Forex market

The Euro started a fresh increase after finding bids near the 1.2000 zone against the US Dollar. The EUR/USD pair broke the 1.2020 resistance to move into a positive zone.

It even climbed above the 1.2040 level and settled nicely above the 50 hourly simple moving average. A high is formed near 1.2070 and the pair is now consolidating gains.

It seems like there is a short-term contracting triangle forming with resistance near 1.2068 on the hourly chart. If there is an upside break above 1.2068 and 1.2070, the price could rise towards the 1.2120 level.

Conversely, the pair might fail and decline below 1.2060 on FXOpen. An initial support on the downside is near the 1.2040 level. Any more losses might lead the pair towards the 50 hourly simple moving average at 1.2028 in the coming sessions.